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CITY OF ORONO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br />(39) <br /> <br />NOTE 2 DEPOSITS AND INVESTMENTS (CONTINUED) <br />C. Investments (Continued) <br />Interest Rate Risk – This is the risk of potential variability in the fair value of fixed rate <br />investments resulting from changes in interest rates (the longer the period for which an <br />interest rate is fixed, the greater the risk). The City's investment policy also provides a <br />guideline that generally limits the duration of investments to a maturity of eight years, <br />and 20% of the portfolio to a specific maturity. <br /> <br /> <br />NOTE 3 INTERFUND TRANSFERS <br />A. Interfund Transfers <br /> <br />From Fund To Fund Amount Purpose <br />General Fund Improvement and Equipment <br />Capital Outlay <br />240,000$ Budgeted operating transfer for <br />capital equipment purchases <br />General Fund 2014 Improvement Bonds 150,000 Budgeted transfer for debt service <br />support <br />General Fund Pavement Management Plan 95,000 Budgeted transfer to fund the Baldur <br />Park Road reconstruction <br />General Fund Municipal State Aid 194,000 Budgeted transfer to fund the Stubbs <br />Bay Road (non-MSA) portion of the <br />Watertown Road Project <br />Community Investment 2010 GO Refunding Bond Debt <br />Fund <br />130,000 Budgeted transfer for debt service <br />support <br />Permanent Improvement <br />Revolving <br />2014 Improvement Bonds 321,000 Budgeted transfer for debt service <br />support <br />HRA 2003 Public Facility <br />Lease Revenue Bonds <br />2009 Refunding Bonds 1,188 Transfer to close out residual fund <br />equity to the 2009 refunding bonds <br />Water Operating 2008 Street Reconstruction <br />Bond <br />55,000 Budgeted transfer for debt service <br />support of the water fund portion of <br />the Casco Point Project <br />Water Operating 2014 Improvement Bonds 103,000 Budgeted transfer for debt service <br />support <br />Sewer Operating 2008 Street Reconstruction <br />Bond <br />100,000 Budgeted transfer for debt service <br />support of the sewer fund portion of <br />the Casco Point Project <br />Sewer Operating Pavement Management Plan 13,575 Budgeted transfer to fund sewer work <br />done in conjunction with the Baldur <br />Park Road project <br />Stormwater Operating Municipal State Aid 34,037 Budgeted transfer to fund stormwater <br />improvements of the Watertown <br />Road Project <br />Stormwater Operating Pavement Management Plan 14,597 Budgeted transfer to fund stormwater <br />work done in conjunction with the <br />Baldur Park Road project <br />1,451,397$ <br /> <br />Transfers are used to move resources from the funds in which they are collected to the <br />funds where they are to be spent in accordance with statutory, budgetary, or contractual <br />requirements. Transfers to the non-major governmental funds include funding for debt <br />service, capital acquisitions, and improvements.